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Author Topic: Can the massive creation of Altcoins can be stopped?  (Read 2580 times)
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May 04, 2018, 05:56:20 PM
 #1

I was just wondering after the altcoin being successful there have been more unreasonable coin that has been created, hence there are more people will  doubt it, and seriously more and more coins has being created just for profit I mean you can gain some profit off of it but its not the reason why a founder should create one.

After seeing so much coin being created and been abandoned with gaining profit from it made me think that if the new coin stops coming then we could focus more on some reasonable coin and some coin that is currently being developed.



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May 04, 2018, 06:11:49 PM
 #2

I think this is part of the justice equation and an important responsibility for the crypto community to answer.  We all need to be thoughtful of this situation where massive releases of fraud coins are released with the simple goal of any profit rather it be $1 or $100,000 or $1,000,000.

What about a justice coin that would reward freelance crypto justice enforcement by payment via crypto currency? 

I really think this is important.  I don't have any plans to be a coin developer but I want to learn more about what goes into this process while also continuing to pursue a justice mechanism that would greatly reduce the number of crap coins being released all the time.

Maybe reputation is another factor to somehow be worked into the equation.  But then that makes market entry really difficult for people without reputation.  And of course, how could we track reputation while still protecting privacy?  I mean, that's pretty much done on these boards if people are careful.  So it is possible. 

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May 04, 2018, 06:14:38 PM
 #3

It doesnt matter at all cos numerous quantity of alt coins dont affect on market at all cos if it's shitcoin, noone will support it and that alt eventually will fall down. So, I think it's really unreasonable to control their emmisiob but ICO's gotta be controlled by ourselves by increasing requirements for team revealing (live streams, events). Not just TG chat with "Give us money for..." title.

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May 04, 2018, 06:16:38 PM
 #4

I don't think we can stop creating of new altcoins. I don't think we should try to do it, because the market clean itself and only the best projects will survive.
Probably we should think about some regulations or some deposit being paid before creating a new coin, this way the creators will be more careful and will make sure their product will survive.

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May 04, 2018, 06:19:26 PM
 #5

I see no problems here, anyone is free to create his token or coin. It's up for the people to use their brains before investing.
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May 04, 2018, 06:26:44 PM
 #6

I see no problems here, anyone is free to create his token or coin. It's up for the people to use their brains before investing.

completely agree with you. everyone should use his or her brains before investing somewhere. But to my mind it would be great to find some principle or method to prevent so massive fraud projects. Of couse the market has it`s own rules and only the strongest survive, but it is better to prevent.
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May 04, 2018, 06:34:00 PM
 #7

That would be good thing to do. But unfortunately we cant control it as we are leaving in the world of decentralisation now. I mean the crypto dont ask for your single decision but anyone can go and create the source code foe themselves.

Also if we stop them creating then people will really not get interest on limited coins because they always need new projects with low cost of investment. That could be another reason which can disturb the whole thing. But its good thought, that change many things but we dont have investors like minded!

 
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May 04, 2018, 06:36:02 PM
 #8

I was just wondering after the altcoin being successful there have been more unreasonable coin that has been created, hence there are more people will  doubt it, and seriously more and more coins has being created just for profit I mean you can gain some profit off of it but its not the reason why a founder should create one.

After seeing so much coin being created and been abandoned with gaining profit from it made me think that if the new coin stops coming then we could focus more on some reasonable coin and some coin that is currently being developed.
I don't mind if the new coin has a good innovation it will be bad if they just copy cut existing project and earn the profit by doing that. There are so many alternative coins out there but only small of them are really great whether it's feature or utility. However, it is too hard to stop this because people are just don't care about it they just want profit. I think we have lost count of how much coins have been created out there.
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May 04, 2018, 06:39:08 PM
 #9

Not going to happen because ICOs are unregulated as part of decentralization of cryptocurrencies no one can stop people from launching their own ICO as far as i am concerned these projects are created by mostly  people who want to get wealthy faster than anyone else,they can raise millions of funds from investors which is why they wont stop creating over and over.

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May 04, 2018, 06:42:26 PM
 #10

You won't be able to stop it and the number of new coins will just keep on growing.
Altcoins brings money, as new creation of a coin usually drives the creators to start an ICO, which brings them money( and at the same time it decreases the price of ETH).
As long as new creation of coins will bring money to their creators, we will see more and more to be created, we can only stop them by avoiding entering newly generated tokens/coins.
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May 04, 2018, 06:51:43 PM
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I was just wondering after the altcoin being successful there have been more unreasonable coin that has been created, hence there are more people will  doubt it, and seriously more and more coins has being created just for profit I mean you can gain some profit off of it but its not the reason why a founder should create one.

After seeing so much coin being created and been abandoned with gaining profit from it made me think that if the new coin stops coming then we could focus more on some reasonable coin and some coin that is currently being developed.

This is world going behind the competitions for each and every field. This is happening now in the crypto currency side as well. Lets all altcoins fight each but as investors we people only chooses the famous and potential coins in the market.
Since smart contracts has been evolved with the help of ethereum we has found and gave the way to come for various projects.

Now NEO, XLM are being part of smart contract works mate.
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May 04, 2018, 06:52:09 PM
 #12

I think crypto era is just starting so we are just at start and tokenization of businesses and services will pace up with time, i guess we will have more than 5000 tokens active in next 3 years.

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May 04, 2018, 06:52:27 PM
 #13

I was just wondering after the altcoin being successful there have been more unreasonable coin that has been created, hence there are more people will  doubt it, and seriously more and more coins has being created just for profit I mean you can gain some profit off of it but its not the reason why a founder should create one.

After seeing so much coin being created and been abandoned with gaining profit from it made me think that if the new coin stops coming then we could focus more on some reasonable coin and some coin that is currently being developed.
You and so can concentrate on some reasonable coin. For this, it is not necessary to suspend or ban ICO campaigns. I'm generally against suspending the ICO as a kind of activity. Despite many of its shortcomings, and above all the high probability of fraud on the part of the ICO team, on the whole this activity is very useful and necessary. Along with the creation of useless tokens, sometimes ICO projects are very necessary and very useful. Let the value and usefulness of each token determine the market and we should not interfere in this activity.
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May 04, 2018, 07:00:13 PM
 #14

I was just wondering after the altcoin being successful there have been more unreasonable coin that has been created, hence there are more people will  doubt it, and seriously more and more coins has being created just for profit I mean you can gain some profit off of it but its not the reason why a founder should create one.

After seeing so much coin being created and been abandoned with gaining profit from it made me think that if the new coin stops coming then we could focus more on some reasonable coin and some coin that is currently being developed.
You and so can concentrate on some reasonable coin. For this, it is not necessary to suspend or ban ICO campaigns. I'm generally against suspending the ICO as a kind of activity. Despite many of its shortcomings, and above all the high probability of fraud on the part of the ICO team, on the whole this activity is very useful and necessary. Along with the creation of useless tokens, sometimes ICO projects are very necessary and very useful. Let the value and usefulness of each token determine the market and we should not interfere in this activity.

It's a free market, if you don't agree with a specific ICO, then you can just don't participate, or even take it far away and tell other people not to invest in this ICO( anti-advertising).
Technically it is impossible to prevent one from creating a smart contracts for ICO, and publishing it to the crowd, and you can't prevent the crowd from investing in the ICO.
If you don't agree with a campaign then just don't invest in it, simple as that, at the long run the junk ICOs will just end up being non-valued.
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May 04, 2018, 07:05:26 PM
 #15

But how exactly is that a bad things if i ask you. Block chain is a revolution to be beheld in itself. It's uses and applications are virtually endless. And there such a talented community working hard day in and out to find solutions to various problems. The possibilities are endless, so what is the good being done by not adapting to altcoins.
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May 04, 2018, 07:10:11 PM
 #16

The huge  crypto and blockchain innovation boom has not even matured yet so it is too early for the new ICOs and altcoins to slowdown. Of course, there are going to be good and bad projects so investors have to dd DD before investing.
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May 04, 2018, 07:11:06 PM
 #17

I was just wondering after the altcoin being successful there have been more unreasonable coin that has been created, hence there are more people will  doubt it, and seriously more and more coins has being created just for profit I mean you can gain some profit off of it but its not the reason why a founder should create one.

After seeing so much coin being created and been abandoned with gaining profit from it made me think that if the new coin stops coming then we could focus more on some reasonable coin and some coin that is currently being developed.
The answer to this question is a stifling no. The original code for the creation of the blockchain and bitcoin network is an open source code. That means that anyone with the know how, can freely duplicate the entire dynamic of the system. Setting up an endless amount of clones.
    It's our job as members of the community to keep the conversation going, because we are the speculators, voicing our concern with the equality of the community. Without a diverse community of active participants, a coin will fall flat on its face in failure, being there no support to stand behind it.
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May 04, 2018, 07:13:38 PM
 #18

Usually, creating more money is a bad thing, because this way people have more to pay while the amount of goods stays the same. One could by analogy think the same about cryptocurrencies, but it would be wrong, since almost every new coin has its new project and product. They don't share the same niches and, while all of them in general might be foes with fiat, they are not foes among one another.
Massive creation of altcoins cannot be stopped, because this is an open society where everyone should get a chance to build something. Eventually, the useless majority will just die because of not being needed anyway.

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May 04, 2018, 07:22:15 PM
 #19

Wont stop,not unless these ICOs are going to be regulated so that not all the people can launch their own ICO because nowdays all of the people who has some programming background can launch their own ICO,and will turn into a big scam and it wont going to stop not unless some agency in the government would step forward to stop these potential scams.

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May 04, 2018, 07:35:18 PM
 #20

From the mass creation of bitcoins, I think we can not leave, but they should be limited in terms of adding to CoinMarketCap. Now there are already more than 1700 coins and 50% of just old unwanted junk. Add only normal coins and remove inactive undeveloped projects.

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